Unitree CEO Wang Xingxing’s expression during the IPO ceremony is getting a lot of attention on Chinese social media. Because the man doesn't look happy at all 🙂 LMAO Even though his net worth has surged to more than $20 billion after the IPO, comfortably putting him among China’s top 20 richest people. And interestingly, the Chinese community is actually pretty bearish on Unitree’s current market cap. And the numbers do seem to back up that scepticism: First, Unitree spent just $20.2M (RMB 145M) on R&D in 2025. For perspective, Mattel spent roughly 11x as much on product development, despite having a market cap of barely one-tenth of Unitree’s. LEGO spent around 18x as much, while Xiaomi spent more than 200x. Xiaomi’s daily R&D spending alone is roughly equivalent to Unitree’s average annual R&D spending from 2023 to 2025. Second, Wang has actually spent a lot of time trying to cool down the hype around humanoid robots and Unitree itself over the past few years. He once said that if you put a humanoid robot in an unfamiliar room and ask it to fetch a bottle of water, it cannot even reliably complete something that simple. Yet public expectations for humanoid robots remain absurdly high. So, the one thing we want to emphasize is: when a company being valued as a futuristic technology company is spending less on R&D than a toy company, maybe that's something investors should pay attention to 🫪